Episode 90: Breaking the Taboo of Money Conversations with Tracey Bissett - Love Your Numbers Series
In this episode of the Business Habitat Podcast, Sam embarks on a special “Love your Numbers” series with her first guest, Tracey Bissett, joining all the way from Toronto, Canada. This conversation focusses on a topic very close to Sam’s heart, exploring the importance of financial literacy for business owners.
Tracey Bissett is a Canadian based Financial Coach, and President of Bissett Financial Fitness, a company focused on educating and empowering individuals, and in particular, young adults and business owners, to take control of their financial lives. A former banking executive at TD Bank, one of Canada’s Big 5 Banks, Tracey is well placed to dispel the mystery surrounding money.
Having just celebrated the fourth anniversary of her podcast, Young Money, Tracey is no stranger to discussing financial habits. Taught to discuss money from an early age, Tracey has always been a fan of money and how it can be used to accomplish her goals.
In this episode Tracey and Sam explore their mutual love of numbers and break down some of the barriers which often prohibit people from gaining greater financial clarity. They consider the reluctance amongst business owners to further their financial education and compare it to the willingness to focus on sales and marketing as a more acceptable developmental need.
Listen to an excerpt
Whether you’re feeling at a bit of loss about money or your business financials, or consider yourself a financial whiz-kid, you’re sure to gain a fresh perspective from Sam and Tracey’s conversation.
What we cover in this episode
Where your money story comes from
Understanding the cycle of cash flow
Sales vs profitability
The value of financial acumen
Empowering others to understand numbers
What they don’t teach you at business school
Tracey’s top three tips for business owners
Quotes
“What I see with business owners is that for some reason they think they are supposed to know (about money) when they haven’t been taught personally. So how would they know how to run the finances in their business?“ Tracey
“One of my big beliefs is the individual doesn’t stop being who you are as soon as you walk into your business, and your money story doesn’t stop“ Sam
“When you don’t have a great handle on the way money works and the way you can generate it, and how that all goes, there’s also a tendency to want to try to make it quickly. So people are looking for the shortcut a little bit, in terms of how can they get the windfall to really get that life they might see on social media or to keep up with their friends and to do what they think everyone else is doing, even though that’s not really the case“ Tracey
“People spend more money on their marketing and sales funnels than they do on their financial education” Sam
“I tell (my clients) ‘most of the learning’s going to come from you getting frustrated trying to figure this (cashflow) out, but that’s how the learning happens and the change actually happens’ “ Tracey
“He learned so much because he learned how actual people are going to use it, not huge accounting departments in a big corporation“ Tracey
Links mentioned
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